SUBSCRIBE
PROFILE

EDF faces £46bn financial burden on Hinkley Point nuclear project

Two French MPs have raised concerns over the massive cost overruns of the Hinkley Point nuclear project, describing it as a “financial sinkhole” for EDF, now fully owned by the State.

Share:

Subscribe for unlimited access to all the latest energy sector news.

Over 150 multisector articles and analyses every week.

For less than €3/week*

*For an annual commitment

*Engagement annuel à seulement 99 € (au lieu de 149 €), offre valable jusqu'au 30/07/2025 minuit.

SUBSCRIBE

The construction of two European Pressurised Reactors (EPR) at Hinkley Point in England is a “financial sinkhole” for Électricité de France (EDF), according to Aurélie Trouvé, Chair of the Economic Affairs Committee, and Charles de Courson, General Rapporteur of the Budget. The MPs made the statement following a supervisory mission at the Directorate General of the Treasury regarding the project’s financial trajectory.

The estimated cost of the project now stands at £46 billion (approximately €54 billion/$57.6 billion) by 2030, 85% of which is currently borne by EDF. At its launch in 2016, the initial budget was £18 billion. AFP reported these figures on April 28, relaying concerns voiced by the two lawmakers at the National Assembly.

Early warnings about financial risks

Aurélie Trouvé stated that internal memos from 2015, available at the time to the French government, which owned 85% of EDF, had already raised red flags over underestimated costs. “The government knew,” she said, criticising the overly optimistic financial projections set at the project’s inception. The State now holds 100% ownership of EDF.

The MPs also noted that, based on information gathered during their oversight visit, the Ministry for the Economy and Finance (Bercy) does not possess the contract governing EDF’s partnership on the project, raising further questions about project governance.

Parliamentary debate highlights lack of consultation

Charles de Courson called the situation a “democratic anomaly”, condemning the lack of parliamentary consultation despite the major budgetary implications of the nuclear programme. He stressed that “these decisions are escaping Parliament even though they have direct consequences on public finances.”

Their comments were made on the sidelines of a non-binding debate at the National Assembly on France’s energy policy. This debate comes ahead of a decree expected to be published later this summer outlining the country’s energy roadmap for the next decade, which includes a renewed focus on civil nuclear power.

  • Popular on energynews.pro
OT Cyberattacks: Energy Sector Faces $329 Billion in Risks
Funds Push European Carbon Positions to Highest Since April
Eleven US companies selected to fast-track small nuclear reactor testing
OPEC+ Cuts Production Despite Higher Quotas in July
Vanda RE negotiates power purchase contracts in Singapore for Indonesian solar project
South Africa confirms environmental authorisation for Duynefontein nuclear power plant
The South African Minister of the Environment has approved Eskom’s authorisation to build a nuclear power plant in Duynefontein, ending appeals lodged by several environmental organisations.
The United Kingdom prepares major reform of nuclear regulation
An independent group calls for deep changes to speed up the approval of UK nuclear projects and cut costs linked to a system seen as too slow and complex.
India launches a two-pronged strategy to accelerate nuclear power by 2047
India unveils a national plan to boost nuclear capacity to 100 GW by 2047, combining large reactors and small modules, with a strengthened regulatory framework and new public-private partnerships.
Belarus paves the way for strategic nuclear cooperation with Uzbekistan
Belarus offers its expertise to support the construction of Uzbekistan’s first nuclear power plant, as Tashkent accelerates its civil energy projects with new international partnerships.
HYLENR raises $3 mn to accelerate commercialisation of its industrial LENR reactors
Start-up HYLENR finalises a strategic $3 mn fundraising to move from pilot phase to industrialisation of its low-energy nuclear reaction systems for industrial heat production.
Indonesia approves site study for Thorcon nuclear power plant on Kelasa Island
The regulatory approval granted to PT Thorcon Power Indonesia for its site study on Kelasa Island marks a decisive step toward the development of the country’s first private nuclear project.
U.S. uranium production soars in 2024, reaching its highest level in a decade
Uranium output from American mines surged more than thirteen-fold in 2024, driven by increased investment, exploration drilling and a partial restart of industrial capacity across several key states.
NextEra reactivates Duane Arnold nuclear plant to strengthen industrial capacity
NextEra Energy launches the recommissioning of the Duane Arnold nuclear site in Iowa, aiming to inject over 600 MWe back into the grid to meet the growing electricity demand of the American industrial sector.
The United States speeds up lunar nuclear reactor project amid international competition
Nasa has launched a call for tenders for a nuclear reactor on the Moon by 2030, aiming to support American ambitions for a permanent base, despite budget uncertainties and mounting pressure from China and Russia.
Explosions near Zaporizhzhia nuclear power plant rekindle security concerns
Explosions were heard near the Zaporizhzhia nuclear power plant, still under Russian military control, raising fresh concerns over the safety of the site and the Ukrainian energy sector.
Tractebel and NRG-Pallas extend their partnership on the Dutch research reactor
Tractebel and NRG-Pallas have formalised the continuation of their technical cooperation at the Pallas research reactor site in Petten, the Netherlands, reinforcing their commitment to a key project in the European nuclear sector.
Tanzania and Russia launch a $1.2bn uranium plant in Namtumbo
Tanzania, together with Russia, is starting construction of a uranium plant in Namtumbo for $1.2bn, aiming to boost mining revenues and secure a place in the global nuclear industry.
South Korea’s nuclear output to reach 222.7TWh with 29.8GW by 2035
South Korea forecasts 2.4% annual growth in nuclear generation, with 29 operational reactors by 2035 and export ambitions for the sector.
TEPCO posts $5.83bn net loss in the first quarter of fiscal year 2025
TEPCO reports a significant net loss due to nuclear compensation charges and debris removal preparations, while its revenues decline over the period.
Rolls-Royce SMR signs strategic agreements with Škoda JS and Curtiss-Wright in the UK and Czechia
Rolls-Royce SMR has entered into cooperation agreements with Škoda JS and Curtiss-Wright to accelerate the manufacturing of essential components and the supply of safety systems as part of its international development of modular reactors.
Flamanville: the EPR power-up postponed until the end of autumn 2025
The Flamanville EPR nuclear reactor will not reach full power until before the end of autumn, postponing the initially scheduled date due to preventive maintenance operations on the primary circuit valves.
Orano posts half-year profit of EUR109mn after industrial turnaround
French group Orano returns to profitability in the first half of the year, supported by strong plant performance and stabilisation of international activities, notably after resolving the situation in Niger.
Hungary signs agreement with Synthos to introduce US small modular reactors
Hunatom announces a strategic alliance with Synthos Green Energy to introduce US small modular reactor technology, strengthening energy ties between Hungary, Poland and the United States.
South Korea and Norway launch study on i-SMR nuclear mini-reactors
A joint feasibility study project on Korean i-SMR modular reactors has just been launched for a future nuclear site at the border of the Aure and Heim municipalities, aiming for significant regional industrial impact.
Japan’s Tomari 3 reactor receives regulatory approval for new safety standards
Unit 3 of the Tomari nuclear power plant takes a major step towards restart after its safety equipment was validated by the Japanese regulator.
Consent Preferences